Money Matters - Income Needed to Live Comfortably

 Across the country, Americans are discovering that “living comfortably” now carries a much higher price tag. Essentials like rent, groceries, and child care have grown more expensive in nearly every region—and, in some cities, families need to earn well into six figures just to keep up with the basics.

In a new analysis, researchers at Upgraded Points reveal how much income Americans need to live comfortably in every U.S. city and state, using the latest data from the Economic Policy Institute and U.S. Census Bureau to calculate a comfortable living wage for individuals, 2-adult households without children, and 2-adult households with 1 to 3 children.

Key Findings, With Data for Minneapolis-St. Paul-Bloomington, MN-WI

• Report methodology: To establish “living comfortably," researchers applied the 50/30/20 budget rule, which allocates 50% of income to necessities, 30% to discretionary spending, and 20% to savings or debt payments.
• The cost of living comfortably in the Minneapolis-St. Paul-Bloomington metro: A single adult needs to earn $103,151 per year to live comfortably in the Minneapolis-St. Paul-Bloomington metro, which puts the Minneapolis-St. Paul-Bloomington metro in 30th place among the nation's 53 large metro areas in the analysis. Meanwhile, the median personal income in the Minneapolis-St. Paul-Bloomington metro is $56,753.
• Comfortable living for Minneapolis-St. Paul-Bloomington metro families: For 2-parent Minneapolis-St. Paul-Bloomington metro households, the required income to live comfortably ranges from $205,490 for one child to $314,363 for three, while the median household income stands at $127,100.
• Nationwide, comfortable living now requires six figures: On average, a single adult in the U.S. needs $106,745 per year to live comfortably under the 50/30/20 rule. For a 2-adult household with no children, that threshold rises to $138,643, and reaches $278,252 for 2 adults with 3 children.

The full report covers more than 380 U.S. metros and all 50 states, with a detailed breakdown of comfortable living salaries by household type and median personal and family incomes in all locations. We've also included a link to high-resolution, downloadable static graphics at the bottom of this email, while the charts in the complete report are fully interactive and available to embed or share:

Post courtesy Upgraded Points - check out the full report: https://upgradedpoints.com/news/comfortable-living-salary-us-cities/

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